Manchester City say they are "fully co-operating in good faith" with UEFA's ongoing investigation into alleged breaches of Financial Fair Play regulations by the club.

The Premier League champions have, however, expressed concern about reports that investigators will push for a Champions League ban before any official statement has been made by the European governing body.

UEFA opened an investigation into alleged financial irregularities at the club earlier this year.

A report in Monday's New York Times suggested that the leader of UEFA's investigative panel, former Belgian primer minister Yves Laterne, would seek a one-season ban from European competition.

A statement from City read: "Manchester City FC is fully co-operating in good faith with the CFCB IC's (club financial control body investigatory chamber) ongoing investigation.

"In doing so the club is reliant on both the CFCB IC's independence and commitment to due process; and on UEFA's commitment of March 7 that it '...will make no further comment on the matter while the investigation is ongoing'.

"The New York Times report citing 'people familiar with the case' is therefore extremely concerning.

"The implications are that either Manchester City's good faith in the CFCB IC is misplaced or the CFCB IC process is being misrepresented by individuals intent on damaging the club's reputation and its commercial interests. Or both."

A statement from UEFA read: "We do not comment on ongoing investigations regarding financial fair play matters."

The FFP rules are intended to prevent clubs receiving unlimited amounts of money through inflated sponsorship deals with organisations related to the owners.

German publication Der Spiegel alleged last November that City’s Abu Dhabi owners had inflated sponsorship agreements in order to comply with FFP requirements, with some deals being worth three times more lucrative than independent experts deemed they were worth.

In response, City said information had been "hacked" and that they were victims of an "organised and clear" attempt to damage the club’s reputation. They insisted that the allegations were "entirely false" and welcomed the investigation.

City were fined £49m and hit with restrictions on transfer spending and the size of their Champions League squad after FFP breaches were originally investigated in 2014.